Fund Evaluator:
Canterbury Portfolio Thermostat I (CAPTX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Canterbury Portfolio Thermostat I Overview
Canterbury Portfolio Thermostat I (CAPTX) is an actively managed Allocation Tactical Allocation fund. Canterbury Investment Management launched the fund in 2016.
The investment seeks long-term risk-adjusted growth. The fund is designed to pursue risk-adjusted growth by maintaining an efficient portfolio exhibiting lower or decreasing portfolio volatility throughout variable market environments. The adviser employs a tactical methodology to adjust the portfolio's asset allocation and diversification to the changing market conditions. The fund will utilize broadly diversified liquid securities traded on major exchanges, primarily exchange traded funds ("ETFs").
About Canterbury Portfolio Thermostat I (CAPTX)
There are 2 members of the management team with an average tenure of 10.00 years: Thomas Hardin (2016), Kimberly Custer (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI World NR USD index with a weighting of 100%. Canterbury Portfolio Thermostat I has 20 securities in its portfolio. The top 10 holdings constitute 61.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Canterbury Portfolio Thermostat I is part of the Allocation global asset class and is within the Allocation fund group. Canterbury Portfolio Thermostat I has 5.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.3%. There is 5.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Canterbury Portfolio Thermostat I has 8.4% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CAPTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Canterbury Portfolio Thermostat I expense ratio is high compared to funds in the Tactical Allocation category. Canterbury Portfolio Thermostat I has an expense ratio of 4.37%, which is 148% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Canterbury Portfolio Thermostat I has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Canterbury Portfolio Thermostat I returned -6.1%, which earned it a grade of F, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Canterbury Portfolio Thermostat I has a trailing yield of 0.00%, which is below the 2.86% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Canterbury Portfolio Thermostat I Grades
Year to date, the fund has returned 10.8%, 2.4 percentage points better than the category, which translates into a grade of A. The fund has returned 22.9% over the past year (grade of A), 10.2% over the past three years (grade of C) and 4.6% per year over the past five years (grade of C).
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CAPTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CAPTX Return (NAV) | -6.1% | 0.4% | 22.9% | 10.2% | 4.6% | na |
| CAPTX Grade | F | D | A | C | C | na |
| +/- Category | -5.2% | -1.1% | 6.8% | -0.4% | -0.7% | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| CAPTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.7% | na |
CAPTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CAPTX Return (NAV) | 10.8% | 12.7% | 11.1% | 0.6% | -11.8% | 14.1% | -3.3% | 14.1% | -8.0% | 13.0% | na |
| CAPTX Grade | A | C | B | F | C | B | F | C | D | C | na |
| +/- Category | 2.4% | 0.0% | 2.1% | -10.1% | 1.3% | 1.5% | -13.5% | 0.6% | -1.7% | -0.2% | na |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.85 - Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.76 |
| R-Squared: | 46% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $8 Mil |
| Fund Total Assets: | $ 8 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 59% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.0 years | |||
| Average Tenure: 10.0 years | |||
| Managers (Year): Hardin Thomas (2016), Custer Kimberly (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 20 |
| % in Top 10 Holdings: | 61.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.4% |
Portfolio Allocation |
|
| Domestic Stock: | 76.3% |
| Foreign Stock: | 5.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 10.0% |
| Cash: | 8.4% |
Purchase Information
| Fund Family: | Canterbury Investment Management |
| Phone Number: | 844-838-2121 |
| Website: |
| Status: | Open |
| Inception Date: | August 2, 2016 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $5,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 4.37% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Canterbury Portfolio Thermostat I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $1,000 |
